ICICI Securities retains Buy on MakeMyTrip, flags non-air share gains
Following June-quarter updates, ICICI Securities retained its Buy rating on MakeMyTrip with a $74 target price, citing resilient travel demand, gains in non-air categories and continued AI investment.
What happened
ICICI Securities retained a Buy on MakeMyTrip, citing share gains in non-air travel, resilient demand and AI investment. It also reiterated positive views on
Key facts
- MakeMyTrip target price: $74
- GSK Pharma target price raised to Rs 2,900 from Rs 2,725
- June-quarter updates
Why this matters
MakeMyTrip’s AI push and strengthening non-air portfolio reinforce its strategic position as a broad travel platform rather than an air-ticketing-led business.
What to watch
- Quarterly gross booking growth versus growth in hotels, packages, ground transport and other non-air categories.
- Take-rate, adjusted operating margin and marketing expense trends as indicators of whether mix gains translate into earnings.
- Repeat-booking, app engagement and direct-traffic metrics that would validate AI and loyalty investments.
- Competitive pricing activity from major online travel agencies and supplier direct-booking initiatives.
- Domestic and outbound travel demand indicators, airfare trends, visa policy changes and consumer discretionary-spending data.
- Increase AI-led personalization, customer-service automation and fraud/risk controls to improve conversion and lower servicing costs.
- Push bundled hotel-flight-package offerings and loyalty-led cross-sell to deepen non-air monetization.
- Prioritize supply relationships in hotels and alternative accommodations to protect inventory, commissions and pricing competitiveness.
- Use the positive demand backdrop to calibrate marketing spend toward higher-repeat and higher-margin cohorts rather than broad discounting.